You can be told one thing & the PM can continue to cover it up without your knowledge.

It doesn't cover any loss of income due to your rental being repaired.

I would focus on saving enough money that if I had a deal go bad, then that money I saved was there to cover it. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Assuming the ARV you mentioned is accurate, at 75% LTV you'd be able to pull enough equity to cover your existing payoff, refi costs and walk away with a good chunk of cash in your pocket.

Find a great real estate attorney to help you with:1) Putting a lien on the property, with your aunt's consent, to cover any work you do.- Ask the attorney if your aunt & dad need to authorize lien, or just aunt.2) Understanding your options to force payoff of the lien.- Ask attorney how you can enforce collecting on the lien when you need to.3) Getting full control of the property, while allowing your aunt to keep her ownership.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

Just make sure to adjust the rent enough to cover the average utility costs and include it clearly in the lease terms.

Living in one side and renting out the other will help cover your mortgage, and after a year, you can move out and keep both units as rentals.

More and more insurers are refusing to cover disaster-prone locations.